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Riding The Wave
Riding The Wave News Summary 75

Riding The Wave News Summary 75

ADA's Weekend Rally Pauses as Cardano Confirms ‘Most Significant’ Upgrade, Surge or purge? Why the Merge may not save Ether price from ‘Septembear’, & more

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Thomas Holland
Sep 07, 2022
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Riding The Wave
Riding The Wave
Riding The Wave News Summary 75
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. ADA's Weekend Rally Pauses as Cardano Confirms ‘Most Significant’ Upgrade

  3. Surge or purge? Why the Merge may not save Ether price from ‘Septembear’

  4. Ethereum gone wrong? Here are 3 signs to keep an eye on during the Merge

  5. Ethereum Devs Dismiss Early Hiccups as Bellatrix Kicks Off the Merge


Tweets

Twitter avatar for @MacroAlf
Alf @MacroAlf
How much German economic output is dependent on Russian gas? A very interesting take from Zoltan on the leveraged nature of this relationship. ''In Germany, $2 trillion of value added depends on $27 billion of gas from Russia''
9:01 PM ∙ Sep 6, 2022
767Likes135Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: #Ripple Senior Advisor says there will be CBDC announcements in the coming weeks.
8:54 PM ∙ Sep 6, 2022
4,199Likes999Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Current situation: 1. Stocks falling like the bear market is back 2. Treasury yields at fresh highs like $SPX is at 5,000 3. $VIX is flat like we are in a bull market 4. Commodities down like we have deflation 5. Bonds trading like inflation is 15% The system is collapsing.
5:30 PM ∙ Sep 6, 2022
1,537Likes314Retweets
Twitter avatar for @unusual_whales
unusual_whales @unusual_whales
JUST IN: Putin attends military exercises involving Chinese forces, per AFP.
5:43 AM ∙ Sep 6, 2022
903Likes125Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
There is a tendency to overcomplicate markets. We have a market with: 1. Rising interest rates into a recession 2. Energy crisis and geopolitical tensions 3. Credit card debt up 30% this year 4. A top in the housing market This will be the most anticipated crash in history.
10:53 PM ∙ Sep 6, 2022
621Likes108Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
The Fed never stopped hiking before Fed Funds > latest YoY inflation print This time won't be different: the Fed's strategy is to hike to roughly 4% and hold long enough to be reassured CPI is indeed dropping to 2% The real question is: how long is long enough?
Image
11:26 PM ∙ Sep 5, 2022
787Likes163Retweets
Twitter avatar for @QCompounding
Compounding Quality @QCompounding
Don't worry. Just focus on the long term.
Image
2:07 PM ∙ Sep 5, 2022
1,365Likes349Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: #Ethereum's Bellatrix upgrade has taken place, the final phase before the merge to proof-of-stake.
11:34 AM ∙ Sep 6, 2022
5,492Likes1,104Retweets
Twitter avatar for @unusual_whales
unusual_whales @unusual_whales
JUST IN: Russia’s gas supplies to Europe via the Nord Stream 1 pipeline will not resume in full until the “collective west” lifts sanctions against Moscow over its invasion of Ukraine, the Kremlin has said, per FT.
10:13 PM ∙ Sep 5, 2022
2,616Likes450Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
💥JUST IN: Germany has approved €65 billion ‘inflation-relief’ spending package. 🤔
4:25 PM ∙ Sep 5, 2022
2,340Likes331Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Events in the average bear market that have not happened yet: 1. 10 months pass before the bottom 2. $VIX hit 45+ bear every bear market has bottomed 3. Stocks fall 36% on average, the current low is just a 24% decline 4. Sentiment turns strongly bearish We are still early.
11:12 PM ∙ Sep 5, 2022
838Likes141Retweets
Twitter avatar for @unusual_whales
unusual_whales @unusual_whales
JUST IN: California declares grid emergency, raising blackout prospects.
5:11 PM ∙ Sep 5, 2022
5,034Likes893Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
One of the biggest signs of a systemic collapse is the denial of facts. We are now seeing: 1. The definition of a recession changed 2. Major top in the housing market dismissed like pre-2008 3. Inflation being fought with more inflation This is not your average bear market.
3:08 PM ∙ Sep 5, 2022
1,109Likes185Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: #Binance to remove $USDC as a tradable asset on its platform beginning September 29, 2022.
5:56 PM ∙ Sep 5, 2022
11,127Likes2,492Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Energy crisis begins: 1. OPEC announces surprise production cut with oil at $90 2. Russia halts natural gas supply to Europe 3. Commodities used as a weapon “until sanctions lifted” 4. OPEC threatening production cut on Iran deal Fuel is being added to the inflationary fire.
6:22 PM ∙ Sep 5, 2022
1,180Likes289Retweets

ADA's Weekend Rally Pauses as Cardano Confirms ‘Most Significant’ Upgrade

The upgrade is being called the “most significant Cardano upgrade to date,” and is expected to increase network capacity, lower transaction fees, and bring enhancements to Cardano’s smart contract platform Plutus.

“[…] we anticipate a seamless technical transition, with no disruption for its users or a break in block production. Users need take no action,” the notice said.

The confirmation of the upgrade date came after Cardano in July successfully completed the upgrade on its testnet, calling it “an important next step in the journey towards the Vasil upgrade on mainnet.”

Excited to see this upgrade, even though it’s not a major pivot like Ethereum is seeing with the upcoming Merge event. Vasil is more of a Quality of life update and is in line with Cardano’s relatively conservative development approach.

Full Article


Surge or purge? Why the Merge may not save Ether price from ‘Septembear’

Ethereum’s native token, Ether (ETH), is not immune to downside risk in September after rallying approximately 90% from its bottom of around $880 in June.

Much of the token's upside move is attributed to the Merge, a technical upgrade that would make Ethereum a proof-of-stake (PoS) protocol, slated for Sep. 15.

Despite logging impressive gains between June and September, Ether still trades almost 70% below its record high of around $4,950 from November 2021. Therefore, its possibility of heading lower remains on the cards.

Ethereum options traders anticipate Ether’s price to reach $2,200 from its current $1,540 level ahead of the Merge, according to Deribit data compiled by Glassnode. Some even see the price hitting $5,000, but enthusiasm looks flat post the PoS switch.

More downside cues from Ethereum come from its exposure to macroeconomic events, mainly quantitative tightening by the Federal Reserve.

Last week, Fed Chairman Jerome Powell reiterated the central bank’s commitment to curbing inflation, noting they “must keep at it until the job is done.” In other words, Powell and his associates would likely raise interest rates by 0.5%-0.75% in their next policy meeting in September.

From a technical perspective, Ether is painting what appears like a bear flag on its weekly chart.

Bear flags appear when the price consolidates higher inside an ascending parallel channel after a strong move downward. They resolve after the price breaks out of the channel to the downside and, as a rule of technical analysis, falls by as much as the previous downtrend’s length (flagpole).

I agree with the viewpoint that we will likely see a drop in price with news of the event occuring. I also wouldn’t be surprised if we saw a drop before the event occured a week or 2 in advance.

Full Article


Ethereum gone wrong? Here are 3 signs to keep an eye on during the Merge

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